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Senin, 28 Oktober 2024

👀 How much will BTC cost in November?

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Headed to the Bulls

Bitcoin options traders are increasingly betting on a bullish outcome post-U.S. election and the Federal Reserve's interest rate decision,  targeting strike prices above $80,000  for mid-to-late November expirations. However, the recent slowdown in daily spot Bitcoin ETF inflows may signal weakening momentum.

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Top Gainers and Biggest Losers

In the past two weeks, Nosana (NOS) led gains with a 123% surge, followed by Raydium (RAY) at 74% and ApeCoin (APE) at 42%, showing strong market interest. However, SAGA dropped 37%, making it the period's biggest loser.

Nosana NOS $3.63 ▴ 62.69%
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Raydium RAY $3.37 ▴ 41.26%
Get RAY
ApeCoin APE $1.05 ▾ -34.76%
Get APE

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What Is Pushing the Market?

Analysts at Bernstein report a "risk-on" environment, with Bitcoin ETF inflows, crypto equities, and retail sentiment all surging. Rising odds of a Trump victory and clearer crypto policies from Kamala Harris are boosting market optimism, while  U.S. Bitcoin ETFs saw $2.1 billion in inflows last week , the largest since March.
Yuichiro Tamaki, the leader of Japan's Democratic Party for the People (DPP), has proposed a plan to  reduce tax rates on crypto gains from 55% to 20%  ahead of the upcoming general election.
Crypto equities are also outperforming, fueled by the rise in  AI bot-driven memecoin  activity.
Data from Glassnode and André Dragosch, head of research for Europe at Bitwise, shows the number of "whales" holding at least 1,000 BTC  has risen to 1,678, the highest since January 2021 . This increase, along with strong demand for U.S.-listed spot ETFs, signals growing confidence in Bitcoin's price outlook.

Whether to buy or sell cryptocurrencies depends on your financial goals and risk tolerance. Buy if you believe in long-term growth and want to capitalize on market dips. Sell if you're seeking to lock in profits or are concerned about short-term volatility and regulatory risks. A balanced approach, like dollar-cost averaging, can help manage risk.

Decide for yourself

Donald Trump's odds on Polymarket dipped briefly Wednesday after the platform's second-largest holder of "yes" shares for his victory, Theo4, bet against him. Theo4, who holds 12 million "yes" shares, bought "no" shares for Trump and "yes" shares for Kamala Harris before resuming Trump bets. Observers speculate that  Theo4 and other large accounts may be controlled by the same group outside the U.S. 

Bitwise's head of alpha strategies, Jeff Park, predicts  Bitcoin could surge to $92,000 if Donald Trump wins the U.S. presidency . In an Oct. 22 post on X, Park analyzed Bitcoin's price against Trump's Polymarket odds, using probability models to support his forecast.

Bitcoin analysts are targeting levels  just below its all-time high of $73,679  but warn of potential volatility ahead, despite the strong chart structure after breaking above $69,000.

Take a look into the future

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